Did you know that the legal technology market is expected to expand at a compound annual growth rate (CAGR) of 27.82% by 2025 and reach revenues of $2.49 billion? The legal world is full of data, high volumes of information, and laborious legal processes. Legal as an industry is known for requiring high value work from attorneys and individuals in law-supporting roles. Technology is an innovation that simplifies this complex industry.
What is Legal Technology?
The legal industry was one of the last few ones to embrace legal tech – and for good reason. Legal revolves around data and information that can be sensitive, confidential, and needs high levels of safety to secure. This is where legal tech comes in, merging next-generation cybersecurity with powerful technology capabilities.
The introduction of legal technology, or legal tech, has vastly improved the way law functions, offering a better way to practice it. Legal tech provides tools and software to support and automate most legal tasks. With legal tech, attorneys can provide their knowledge where it’s needed the most.
This tech offers legal-specific tools to make attorneys’ lives easier and streamline legal processes.
Benefits of Legal Tech
Legal tech has transformed the legal industry by supplementing legal activities and providing numerous benefits to attorneys. From supporting legal research to saving time, legal tech does it better than a manual process.
Increases efficiency
By implementing legal tech into their legal departments, attorneys can improve efficiency thanks to the infallible nature of Artificial Intelligence. There are few legal manual processes that can be done better than legal tech does.
Reduces costs
In a world that is running on tighter budgets and the effects of an economic downturn, every dollar saved is precious. Attorneys can drive value for their companies with legal tech that helps reduce costs.
Speeds up delivery
Attorneys can boost their time management with legal tech, which provides lightning-fast processing. What would take an attorney hours can be completed in minutes with legal tech. For Document review is a meticulous painstaking process that a document review system can whizz through, without compromising on efficiency.
Types of Legal Tech
There are several types of legal technologies formulated for specific legal tasks. Explore LegalEase Solutions for more information relating to legal tech.
Legal departments have access to tools with Artificial Intelligence (AI), and Machine Learning (ML) capabilities to enhance processes such as document review. Other types of legal tech provide assistance and support legal processes including contract reviews or billing.
Legal spend
Legal departments can track their budgets accurately with legal spend software. With AI-powered capabilities, legal spend tools can provide attorneys insights into where to reallocate money, and how to choose vendors.
Document management
Legal departments can automate document creation, cutting back on the number of hours spent formulating documents from scratch. These tools provide helpful templates that can be used for certain document types.
Contract lifecycle management
Also known as CLM, this type of legal tech can automate and streamline key contract processes. From contract drafting, authoring, process and workflow, to negotiation and approval, and execution, CLM offers a wide range of applications for contracting purposes.
